Mortgage Rates Unchanged to Slightly Higher

Mortgage rates were unchanged to slightly higher today, keeping them in line with the previous 4 business days. This 5-day block stands out from the previous trend that had taken rates generally lower since the middle of March, ultimately hitting the best levels of the year on April 18th. At the time, a majority of lenders were quoting conventional 30yr fixed rates of 4.00% on top tier scenarios. While there are still several lenders at 4.0%, most have moved up to 4.125% . Most borrowers will be quoted the same NOTE rate today and Friday, but with higher upfront costs (thus making for a higher EFFECTIVE rate). The remainder of the week brings several big-ticket economic reports, including Friday’s Employment Situation (the big ” jobs report “). Economic data is one of the key motivations for…(read more)